Sample Test Problem 13.1

The BrightStar Corporation, a solar cell maker, is planning an expansion and needs to raise $22 million to finance it. Management plans to raise the money through a general cash offering priced at $18.50 a share to the public. BrightStars underwriters charge a 6.50 percent spread. How many shares does the company have to sell to raise the $22 million?

The company should sell__________ shares